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WPP Buys Stake in African Marcoms Agency
WPP has acquired a 27.5% stake in Nairobi-listed ad and marcoms agency and Millward Brown JV partner Scangroup, in a bid to expand its operations in Africa. Details and terms of the purchase were not disclosed.
Scangroup, which employs more than 300 people in its offices in Kenya, Uganda and Tanzania, recently formed a joint venture with WPP-owned Millward Brown to add market research to its existing services.
In 2007, Scangroup's audited consolidated revenues were KES 1.57bn, with gross assets of KES 1.7bn.
The firm is the holding company for media buying firm Media Initiative, ad agency Lowe Scanad, Thompson Kenya (part of JWT), Grey East Africa, McCann Kenya, Scanad Public Relations and Draft Worldwide East Africa.
Web sites: www.wpp.com and www.scangroup.biz .
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